UK The price of imported goods on the high street is starting to rise as sterling falls but the currency’s decline has yet to translate into stronger export orders for UK manufacturers, according to two surveys published yesterday.
According to a survey from the Office for National Statistics, retail sales by volume in May suffered an unexpected decline from robust levels in April. However, they sustained a smaller decline when measured by value, suggesting that prices are firming as suppliers pay more for imported goods. The retail sales deflator, which measures the effect of price rises, rose by 0.4 per cent in May after easing in April.
